Establishes the "Financial Accountability Stable Token Act" for using stable tokens in state payments.
The bill creates the "Financial Accountability Stable Token Act" to authorize the use of qualifying stable tokens for state payments. It defines stable tokens as digital assets issued by U.S. corporations, fully backed by U.S. dollars or Treasury obligations, and subject to certain reserve and transparency requirements. The State Treasurer maintains a list of authorized tokens and can suspend or revoke authorization if requirements are not met. Payments made with these tokens satisfy state monetary obligations.
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- Critical Issues
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